Oberoi Realty is set to enter the market in the National Capital Region, and is in the final stages of acquiring a 50-acre land parcel at Gurgaon’s Golf Course Road Extension. Experts put the value of the land at more than Rs 1,000 crore.
The land is currently in the possession of a financial institution and Oberoi will have to take over the debt to get its possession. There is an under-construction residential tower on the property, developed by IREO Projects, with some sold units. Several homebuyers had approached the developer to help revive the project.
While Oberoi Realty has established itself as a developer with a good track record in the Mumbai property market, the entry into the NCR would be closely watched by the industry. According to industry experts, helping kickstart a stalled project of this size can be a good testimonial in favour of Oberoi Realty in a market like NCR, where a few more of such inorganic growth options are available.
Oberoi has reported consolidated revenue of Rs 934.81 crore for the April-June quarter of fiscal 2023 against Rs 294.77 crore a year earlier and Rs 842.94 crore in the previous quarter. Acquiring land in the NCR is becoming increasingly difficult for real estate developers with the involvement of lenders, growing legal issues, and high fee levied by some state authorities in the micro markets.
